- Slides: 12
Test Your Knowledge Return to Jekyll Island Click on the letter of your choice to test your understanding. A B C
Question 1 What event in U. S. history in the early 1900 s resulted in a call for reform of central banking? A • The Panic of 1907 B • The stock market crash of 1929 C • World War 1
Question 2 During the Panic of 1907, the U. S. Treasury contributed $25 million to help rescue the economy. Which of the following was NOT part of the additional rescue efforts that occurred during the panic? A • J. P. Morgan raised $25 million in emergency funds. B • John D. Rockefeller contributed $10 million of his personal funds. C • Senator Nelson Aldrich contributed $30 million in donations.
Question 3 The ________ established a commission tasked with studying the causes of the Panic of 1907 and developing a plan for a major overhaul of the nation’s financial system. A • Federal Reserve Act of 1913 B • Aldrich-Vreeland Act of 1908 C • National Monetary Commission
Question 4 The Aldrich-Vreeland Act called for the creation of an 18 -member committee to draft a proposal of reform for the banking and financial system. This committee was called the A • National Financial Committee B • National Monetary Committee C • National Economic Committee
Question 5 To break the gridlock and draft the report due to Congress, _______ called a secret meeting in Jekyll Island. A • Frank Vanderlip B • J. P. Morgan C • Senator Nelson Aldrich
Question 6 The first and second Banks of the United States failed in part because of the public’s perception that: A • The banks were controlled by big banks and rich financiers. B • The banks were controlled by the federal government. C • The banks were controlled by the states.
Question 7 The draft legislation that resulted from the meeting on Jekyll Island was known as the ____; its terms called for the establishment of ____ regional banks called Reserve Associations to be part of a central banking system. A • National Monetary Commission; 10 B • Federal Reserve Act; 12 C • Aldrich Plan; 15
Question 8 Which of the following is a duty specified for the Reserve Associations under the Aldrich Plan? A • Create an elastic currency and give emergency loans to member banks. B • Serve as fiscal agent to the U. S. government, C • Both A and B.
Question 9 Under the Aldrich plan, the central banking system would be led by a board with ____ members headed by a ______. A • 45; governor B • 7; president C • 9; director
Question 10 The Aldrich Plan did not successfully achieve passage due to what concern? A • Its banker-centered structure B • Its government-centered structure C • Its Association-centered structure
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